Fiscal deficit in the first three months of financial year 2019-20 widened to Rs 4.32 lakh crore, or 61.4 per cent of the budgetary target. Data released by Controller General of Accounts (CGA) on Wednesday showed that the fiscal deficit in the year ago period was 68.7 per cent of the budget estimate.
The government has retained the fiscal deficit target of 3.4 per cent of the GDP, or Rs 7.03 lakh crore for the ongoing financial year.
The total receipts for the April-June period was recorded at Rs 2.89 lakh crore, which is 13.9 per cent of the budget estimates, as opposed to 15.3 per cent in the year-ago period. The government has set a total receipts target of 20.80 lakh crore for the financial year 2019-20.
The government data showed that, in absolute terms, revenue receipts stood at Rs 2.84 lakh crore during April-June, 2019-20, or 14.4 per cent of the budget estimate. It was 15.5 per cent of budget estimate in the year-ago period. During the entire year, the revenue receipts have been pegged at Rs 19.77 lakh crore.
The total expenditure till June 2019 was Rs 7.21 lakh crore, or 25.9 per cent of the budget estimate, as opposed to 29 per cent during the corresponding period last year. The government has set a total expenditure target of Rs 27.84 lakh crore for the ongoing fiscal. The capital expenditure was Rs 63,000 crore, or 18.8 per cent of the budget estimate. This compares with 29 per cent in the year-ago period, the CGA said.
The CGA said the fiscal deficit figure shown in monthly accounts during a financial year is not necessarily an indicator of fiscal deficit for the year as it gets impacted by temporal mismatch between flow of not-debt receipts and expenditure up to that month on account of various transitional factors both on receipt and expenditure side.